Citigroup Plans Asia Expansion: Report

The giant bank sees an opportunity in its growing Asian fund business.

Author:
Publish date:: Aug 13, 2010 10:17 AM EDT

NEW YORK (

) --

Citigroup

is planning to add at least 130 jobs in Asia as it bets on expansion in the Asian fund-management business.

The Citigroup hires will come in its securities and fund services group, which provides back and middle office services to a wide range of money managers -- from hedge funds to mutual funds,

Dow Jones' MarketWatch

reported late Thursday. A call to Citigroup's press office was not immediately returned.

The hires would come over the next 12 months and expand the securities and fund services group in Asia by 10% to 12%, according to the report, which adds the unit currently has 1300 employees. The report states that securities and fund services is part of Citigroup's global transaction services group, which produced $1.2 billion in first half revenues.

Earnings outside the U.S. was the big factor that helped Citigroup stand out among competitors like

Bank of America

(BAC) - Get Report

JPMorgan Chase

(JPM) - Get Report

and

Wells Fargo

(WFC) - Get Report

when it reported second quarter earnings last month. Citigroup CEO Vikram Pandit has cited providing back and middle office services to money managers around the globe as a major part of his growth strategy at least as far back as Citigroup's annual investor meeting in 2008.

The Citigroup hiring spree in Asia follows closely on reports that

Barclays PLC

(BCS) - Get Report

is planning hundreds of back-office layoffs in its investment bank.

Written by Dan Freed in New York

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.